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The UK economy opened the third quarter on a weak footing. Output and new orders both fell for the first time since the end of 2012, while service providers’ optimism about the coming 12 months slumped to a seven-and-a-half year low. (More from the official markit report)

We kind of knew this was going to happen right? The economy was shrinking in anticipation of Brexit. We should probably see more contraction in July. Chris Williamson, Chief Economist at Markit explained.

" The downturn, whether manifesting itself in order book cancellations, a lack of new orders or the postponement or halting of projects, was most commonly attributed in one way or another to ‘Brexit’ ...Given the record slump in service sector business expectations, the suggestion is that there is further pain to come in the short-term at least." (official markit report)

The pound was already pressured, and retreated further after the PMI data.